Rises and tests the 50-DMA above 0.8500
The post Rises and tests the 50-DMA above 0.8500 appeared on BitcoinEthereumNews.com.
USD/CHF consolidates between 0.8400-0.8550, with bullish momentum suggesting potential for higher prices. Buyers need to clear the 50-DMA at 0.8537 and the September 12 peak of 0.8550 to target 0.8600 and 0.8748. A downside break below 0.8500 could see a retreat toward 0.8400, where buyers may look for a bounce back to 50-DMA levels. The USD/CHF posted solid gains of over 0.30% on Thursday as the Greenback recovers some ground, aimed to finish the week with solid gains. As the Friday’s Asian session begins, the pair trades at 0.8522, virtually unchanged. USD/CHF Price Forecast: Technical outlook The USD/CHF is neutral to upward biased, after consolidating within the 0.8400-0.8550 area during September and the first four days of October. Momentum favors buyers as the Relative Strength Index (RSI) turned bullish, hinting that higher prifces lie ahead. However, USD/CHF buyers need to clear the 50-day moving average (DMA) at 0.8537. If surpassed, the immediate ceiling level to be broken will be the September 12 peak at 0.8550. A breach of the latter will expose the 0.8600 figure, followed by the next cycle high seen at 0.8748. the August 15 high. On the other hand, if sellers drag prices below 0.8500, the pair could aim toward 0.8400, looking for a bounce, that could push prices to the 50-DMA. USD/CHF Price Action – Daily Chart Swiss Franc FAQs The Swiss Franc (CHF) is Switzerland’s official currency. It is among the top ten most traded currencies globally, reaching volumes that well exceed the size of the Swiss economy. Its value is determined by the broad market sentiment, the country’s economic health or action taken by the Swiss National Bank (SNB), among other factors. Between 2011 and 2015, the Swiss Franc was pegged to the Euro (EUR). The peg was abruptly removed, resulting in a more…
Filed under: News - @ October 3, 2024 10:13 pm